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What Can a Custom Private Banking Solution Offer You?

January 28, 2021

You’re likely already aware that a private banking relationship offers you better financial management services than a standard retail bank, but how do you know when you’re in need of one? With the various private banking services on the market and the vast differences between them, it can be a daunting decision. However, depending on your current or expected financial situation, a private banking solution may be the key to achieving your financial goals.

Specialized Private Banking Services

Customers who don’t take advantage of private banking often find themselves managing multiple accounts — brokerage accounts, retirement accounts, insurance policies, checking and savings, business financials, and more. With private banking, all of your wealth and wealth planning can be managed through the same institution, which has significant benefits:

  • Holistic financial planning: when the same institution is handling every aspect of your finances, they can assess the performance and needs of each account separately and the way they interact with one another. This allows a private bank to employ financial strategies that avoid overlaps, close loopholes, and make the most efficient use of your money.
  • Strategic investing: private bankers can help you make investment decisions based not just on monetary returns, but on how your investments align with the rest of your portfolio, your long term goals, your legacy planning, and your most important valuables. While some banks only offer a select list of investment vehicles for their customers to choose from, a private bank can tailor a unique portfolio that matches your exact requirements.
  • Retirement planning: a private banker can help you decide what kind of lifestyle you want to live in retirement, how much money you’ll need to bankroll that lifestyle, how you’d like to prioritize retirement planning against estate planning, and what you’ll need to do to set yourself up for a successful and comfortable retirement.
  • Estate planning: planning for what happens to your wealth after you die is one of the most important aspects of your portfolio, especially for high-net-worth individuals. Some people prefer to focus their estate planning on the prosperity of their family, while others might prioritize their business or charitable interests. A private banker will help you with the accounts, trusts, and legal documentation to ensure that your wealth is distributed exactly according to your plan.

Everyone’s financial situation is different — we recommend assessing your finances and creating a plan at least every few years or after making a significant decision like buying a new house or starting a new job — and only the versatility of a private bank that offers custom financial planning can meet your particular requirements.

The Advantages of Private Banking

As opposed to an off-the-shelf retail option, private banking offers specific benefits and advantages to the account holder. One of the most appealing features to many customers is privacy — the services provided to you remain anonymous to competitors and other customers.

Private banking clients also tend to receive preferential pricing, discounts, and improved interest rates on a wide variety of financial products and services. Larger banks are often forced to offer the same cookie-cutter portfolio options to all their customers, regardless of their financial needs. A private bank like First Western Trust can tailor their offerings to each customer, offering interest rates, lines of credit, loans, and savings that corporate banks simply can’t match.

Private banks also have access to investment opportunities that you might not be able to find anywhere else. With the significant resources at their disposal, a private bank might be able to offer you access to private equity partnerships or hedge funds that a publicly-traded bank or individual investor can’t join.

Talk to First Western Trust

For high-net-worth individuals who are serious about maximizing the potential of their wealth, a customized private banking solution is a clear choice. At First Western Trust, every portfolio and financial plan that we create is built from the ground up for the precise needs and priorities of our individual clients.

If you’re concerned about where your money is going, how it’s invested, how it will support your values, and how it can serve your needs in the years and decades ahead, get in touch with First Western Trust Bank today.

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